Australia Consumer Confidence

Australia: Consumer confidence falls significantly in September

September 15, 2014

The Westpac-Melbourne Institute Survey of Consumer Sentiment decreased from the 98.5 points tallied in August to 94.0 points in September. Following September’s fall, the indicator is now further below the 100-point threshold that separates pessimistic from optimistic territory.

According to the Institute, September’s print was disappointing. Prior to the release, the index had been steadily recovering from the 6.8% plunge following the 13 May release of the tough Federal Budget, which was designed to narrow the fiscal deficit. However, September’s fall has eroded all of the past three month’s gains.

FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2014, which is unchanged from last month’s forecast. In 2015, panelists see private consumption expanding 2.8%.

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